Hello!! This trade is based on 4H-1H and technical analysis only.
Let me break it down:
We have been in an uptrend for about a month but we are starting to see signs of reversal.
The market tried twice to break the highest high of this trend but failed ultimately creating a tipple top and a divergence.
Every time it failed to take out the highs we saw strong bearish candles.
We started seeing deeper pullbacks indicating weakness.
If price breaks this strong level it will be an indication that we might be going down.
- Deep pullbacks on an uptrend
- Divergence
- Triple top
- Accumulation and distribution
Let me break it down:
We have been in an uptrend for about a month but we are starting to see signs of reversal.
The market tried twice to break the highest high of this trend but failed ultimately creating a tipple top and a divergence.
Every time it failed to take out the highs we saw strong bearish candles.
We started seeing deeper pullbacks indicating weakness.
If price breaks this strong level it will be an indication that we might be going down.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.